TRANSFORMING

FOR TOMORROW

Integrated Report and

117th year
Annual Accounts 2023-24
 Financial Statements

CONSOLIDATED BALANCE SHEET

as at March 31, 2024

(H crore)
As at As at
Note Page
March 31, 2024 March 31, 2023
Assets
I Non-current assets
(a) Property, plant and equipment 3 F165 1,23,538.14 1,18,696.74
(b) Capital work-in-progress 3 F165 33,370.19 30,307.90
(c) Right-of-use assets 4 F170 7,585.89 9,222.52
(d) Goodwill 5 F173 5,745.30 5,601.65
(e) Other intangible assets 6 F174 11,945.05 13,100.55
(f ) Intangible assets under development 6 F174 985.34 905.12
(g) Equity accounted investments 7 F177 2,947.16 3,233.33
(h) Financial assets
(i) Investments 8 F179 2,579.19 1,546.92
(ii) Loans 9 F181 73.14 64.74
(iii) Derivative assets 265.86 403.40
(iv) Other financial assets 10 F183 1,608.32 510.88
(i) Retirement benefit assets 11 F185 23.26 6,990.83
(j) Non-current tax assets 4,754.11 4,369.03
(k) Deferred tax assets 12 F186 4,111.08 2,625.96
(l) Other assets 13 F189 3,343.23 3,776.63
Total non-current assets 2,02,875.26 2,01,356.20
II Current assets
(a) Inventories 14 F190 49,157.51 54,415.33
(b) Financial assets
(i) Investments 8 F179 731.22 3,630.06
(ii) Trade receivables 15 F191 6,263.53 8,257.24
(iii) Cash and cash equivalents 16 F192 7,080.84 12,129.90
(iv) Other balances with banks 17 F193 1,596.88 1,227.36
(v) Loans 9 F181 1.60 1.84
(vi) Derivative assets 201.33 561.46
(vii) Other financial assets 10 F183 1,172.58 1,435.51
(c) Current tax assets 79.68 117.69
(d) Other assets 13 F189 4,218.41 4,829.75
Total current assets 70,503.58 86,606.14
III Assets held for sale 18 F193 44.66 59.40
Total assets 2,73,423.50 2,88,021.74

117th Year Integrated Report & Annual Accounts 2023-24 F144

CONSOLIDATED BALANCE SHEET (CONTD.)
as at March 31, 2024

(H crore)
As at As at
Note Page
March 31, 2024 March 31, 2023
Equity and liabilities
IV Equity
(a) Equity share capital 19 F194 1,247.44 1,221.24
(b) Other equity 20 F198 90,788.32 1,01,860.86
Equity attributable to owners of the Company 92,035.76 1,03,082.10
(c) Non-controlling interests 21 F203 396.98 2,093.11
Total equity 92,432.74 1,05,175.21
V Non-current liabilities
(a) Financial liabilities
(i) Borrowings 22 F205 51,576.73 51,446.33
(ii) Lease Liabilities 4,538.70 5,811.08
(iii) Derivative liabilities 0.11 -
(iv) Other financial liabilities 23 F213 1,491.83 1,871.51
(b) Provisions 24 F213 5,424.03 4,775.84
(c) Retirement benefit obligations 11 F185 3,219.48 2,931.37
(d) Deferred income 25 F215 433.65 132.36
(e) Deferred tax liabilities 12 F186 12,992.34 14,115.64
(f ) Other liabilities 26 F216 2,910.41 4,467.27
Total non-current liabilities 82,587.28 85,551.40
VI Current liabilities
(a) Financial liabilities
(i) Borrowings 22 F205 29,997.19 26,571.37
(ii) Lease Liabilities 969.50 1,064.27
(iii) Trade payables 27 F217
(a) Total outstanding dues of micro and small enterprises 1,203.70 1,170.33
(b) Total outstanding dues of creditors other than micro and small
34,230.96 36,662.21
enterprises
(iv) Derivative liabilities 214.38 1,630.53
(v) Other financial liabilities 23 F213 10,445.66 9,590.21
(b) Provisions 24 F213 3,779.08 3,882.73
(c) Retirement benefit obligations 11 F185 146.72 162.47
(d) Deferred income 25 F215 63.71 91.93
(e) Current tax liabilities 2,166.85 1,923.98
(f ) Other liabilities 26 F216 15,185.73 14,545.10
Total current liabilities 98,403.48 97,295.13
Total equity and liabilities 2,73,423.50 2,88,021.74
Notes forming part of the consolidated financial statements 1-54

In terms of our report attached For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/-
For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Noel Naval Tata Deepak Kapoor Farida Khambata V. K. Sharma
Firm Registration Number: 304026E/E-300009 Chairman Vice-Chairman Independent Director Independent Director Independent Director
DIN: 00121863 DIN: 00024713 DIN: 00162957 DIN: 06954123 DIN: 02449088

sd/- sd/- sd/- sd/- sd/- sd/-

Subramanian Vivek Bharti Gupta Ramola Shekhar C. Mande T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
Partner Independent Independent Chief Executive Officer Executive Director Company Secretary &
Membership Number 100332 Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
DIN: 00356188 DIN: 10083454 DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
ACS: 15921
Mumbai, May 29, 2024

F145 117th Year Integrated Report & Annual Accounts 2023-24

 Financial Statements

CONSOLIDATED STATEMENT OF PROFIT AND LOSS

for the year ended March 31, 2024

(H crore)
Year ended Year ended
Note Page
March 31, 2024 March 31, 2023
I Revenue from operations 28 F218 2,29,170.78 2,43,352.69
II Other income 29 F219 1,808.85 1,037.48
III Total income 2,30,979.63 2,44,390.17
IV Expenses:
(a) Cost of materials consumed 82,533.60 1,01,483.08
(b) Purchases of stock-in-trade 14,972.79 15,114.11
(c) Changes in inventories of finished and semi-finished goods, stock-in-
4,409.35 (3,358.89)
trade and work-in-progress
(d) Employee benefits expense 30 F219 24,509.58 22,419.32
(e) Finance costs 31 F220 7,507.57 6,298.70
(f ) Depreciation and amortisation expense 32 F220 9,882.16 9,335.20
(g) Other expenses 33 F220 82,354.89 77,084.77
2,26,169.94 2,28,376.29
Less: Expenditure (other than finance cost) transferred to capital account 1,915.33 1,689.86
Total expenses 2,24,254.61 2,26,686.43
V Share of profit/(loss) of joint ventures and associates (57.98) 418.12
VI Profit/(loss) before exceptional items and tax (III-IV+V) 6,667.04 18,121.86
VII Exceptional items: 34 F221
(a) Profit on sale of subsidiaries and non-current investments 4.68 66.86
(b) Profit on sale of non current assets 51.77 -
(c) Provision for impairment of investments/ doubtful loans and advances /
19.98 83.68
other financial assets (net)
(d) Provision for impairment of non-current assets (net) (3,515.99) 25.37
(e) Employee separation compensation (129.86) (91.94)
(f ) Restructuring and other provisions (net) (4,262.75) (1.70)
(g) Gain/(loss) on non-current investments classified as fair value through
18.09 30.99
profit and loss (net)
Total exceptional items (7,814.08) 113.26
VIII Profit/(loss) before tax (VI+VII) (1,147.04) 18,235.12
IX Tax expense: 12 F186
(a) Current tax 5,368.91 5,324.96
(b) Current tax in relation to earlier years (78.77) 36.37
(c) Deferred tax (1,527.57) 4,798.44
Total tax expense 3,762.57 10,159.77
X Profit/(loss) for the year (VIII-IX) (4,909.61) 8,075.35

117th Year Integrated Report & Annual Accounts 2023-24 F146

CONSOLIDATED STATEMENT OF PROFIT AND LOSS (CONTD.)
for the year ended March 31, 2024

(H crore)
Year ended Year ended
Note Page
March 31, 2024 March 31, 2023
XI Other comprehensive income/(loss)
A. (i) Items that will not be reclassified subsequently to profit
and loss:
(a) Remeasurement gain/(loss) on post-employment defined
(6,226.24) (13,310.57)
benefit plans
(b) Fair value changes of investments in equity shares 1,018.57 (219.55)
(c) Share of equity accounted investees (1.27) 0.47
(ii) Income tax on items that will not be reclassified subsequently
1,432.23 3,353.56
to profit and loss
B. (i) Items that will be reclassified subsequently to profit and loss:
(a) Foreign currency translation differences (446.51) (2,057.74)
(b) Fair value changes of cash flow hedges 1,263.77 (2,129.94)
(c) Share of equity accounted investees 55.36 12.28
(ii) Income tax on items that will be reclassified subsequently
(323.81) 502.42
to profit and loss
Total other comprehensive income/(loss) for the year (3,227.90) (13,849.07)
XII Total comprehensive income/(loss) for the year (X+XI) (8,137.51) (5,773.72)
XIII Profit/(loss) for the year attributable to:
Owners of the Company (4,437.44) 8,760.40
Non-controlling interests (472.17) (685.05)
(4,909.61) 8,075.35
XIV Total comprehensive income for the year attributable to:
Owners of the Company (7,624.39) (5,107.74)
Non-controlling interests (513.12) (665.98)
(8,137.51) (5,773.72)
XV Earnings per share 35 F222
Basic (H) (3.62) 7.17
Diluted(H) (3.62) 7.17
Notes forming part of the consolidated financial statements 1-54

In terms of our report attached For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/-
For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Noel Naval Tata Deepak Kapoor Farida Khambata V. K. Sharma
Firm Registration Number: 304026E/E-300009 Chairman Vice-Chairman Independent Director Independent Director Independent Director
DIN: 00121863 DIN: 00024713 DIN: 00162957 DIN: 06954123 DIN: 02449088

sd/- sd/- sd/- sd/- sd/- sd/-

Subramanian Vivek Bharti Gupta Ramola Shekhar C. Mande T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
Partner Independent Independent Chief Executive Officer Executive Director Company Secretary &
Membership Number 100332 Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
DIN: 00356188 DIN: 10083454 DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
ACS: 15921
Mumbai, May 29, 2024

F147 117th Year Integrated Report & Annual Accounts 2023-24

 Financial Statements

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended March 31, 2024

(H crore)
Year ended Year ended
March 31, 2024 March 31, 2023
A. Cash flows from operating activities:
Profit/(loss) before tax (1,147.04) 18,235.12
Adjustments for:
Depreciation and amortisation expense 9,882.16 9,335.20
Dividend income (51.44) (39.66)
(Gain)/Loss on sale of non-current investments - (0.88)
(Gain)/loss on sale of property, plant and equipment including intangible
(960.87) 43.57
assets (net of loss on assets scrapped/written off )
Exceptional (income)/expenses 7,814.08 (113.26)
(Gain)/loss on cancellation of forwards, swaps and options (151.35) 0.96
Interest income and income from current investments (713.09) (640.12)
Finance costs 7,507.57 6,298.70
Foreign exchange (gain)/loss (153.86) (1,793.96)
Share of profit or loss of joint ventures and associates 57.98 (418.12)
Other non-cash items 152.51 0.79
23,383.69 12,673.22
Operating profit before changes in non-current/current assets and liabilities 22,236.65 30,908.34
Adjustments for:
Non-current/current financial and other assets 2,599.37 3,393.94
Inventories 5,565.65 (4,031.37)
Non-current/current financial and other liabilities/provisions (4,781.28) (3,069.07)
3,383.74 (3,706.50)
Cash generated from operations 25,620.39 27,201.84
Income taxes paid (net of refund) (5,319.72) (5,518.76)
Net cash from/(used in) operating activities 20,300.67 21,683.08

B. Cash flows from investing activities:

Purchase of capital assets (18,206.60) (14,142.49)
Sale of capital assets 475.40 327.70
Purchase of non-current investments (4.02) (326.27)
Sale of non-current investments 29.53 1.71
(Purchase)/sale of current investments (net) 3,141.11 5,188.84
Loans given (7.33) (20.93)
Repayment of loans given - 102.48
Principal receipts under sublease 1.92 2.95
Fixed/restricted deposits with banks (placed)/realised (net) (474.13) 23.63
Interest received 333.29 248.08
Dividend received from associates and joint ventures 284.67 277.30
Dividend received from others 51.49 39.68
Acquisition of subsidiaries/undertakings(i) - (10,568.95)
Sale of subsidiaries/undertakings(ii) 123.23 166.43
Net cash from/(used in) investing activities (14,251.44) (18,679.84)

117th Year Integrated Report & Annual Accounts 2023-24 F150

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTD.)
for the year ended March 31, 2024

(H crore)
Year ended Year ended
March 31, 2024 March 31, 2023
C. Cash flows from financing activities:
Proceeds from issue of equity shares (net of issue expenses) - 1.37
Proceeds from long-term borrowings (net of issue expenses) 13,329.49 16,768.65
Repayment of long-term borrowings (11,750.89) (4,605.68)
Proceeds/(repayments) of short term borrowings (net) 790.90 (5,620.41)
Payment of lease obligations (1,139.73) (1,114.43)
Acquisition of additional stake in subsidiary (157.37) -
Amount received/(paid) on utilisation/cancellation of derivatives 403.99 2.16
Interest paid (8,144.58) (6,119.72)
Dividend paid (4,428.80) (6,292.63)
Net cash from/(used in) financing activities (11,096.99) (6,980.69)
Net increase/(decrease) in cash and cash equivalents (5,047.76) (3,977.45)
Opening cash and cash equivalents (iii) 12,129.90 15,606.96
Effect of exchange rate on translation of foreign currency cash and cash equivalents (1.30) 500.39
Closing cash and cash equivalents (Refer note no 16, page F192) 7,080.84 12,129.90

(i) Includes Nil (2022-23: H12.83 crore) paid in respect of deferred consideration on acquisition of subsidiary.
(ii) H123.23 crore (2022-23: H50.69 crore) received in respect of deferred consideration on disposal of an undertaking.
(iii) Opening cash and cash equivalents includes Nil (2022-23: H2.28 crore) in respect of subsidiaries classified as held for sale.
(iv) Significant non-cash movements in borrowing during the year include:
(a) addition on account of subsidiaries acquired during the year Nil (2022-23: H4.09 crore).
(b) exchange loss (including translation) H731.29 crore (2022-23: H2,591.08 crore).
(c) amortisation/effective interest rate adjustments of upfront fees and other adjustments H264.65 crore (2022-23: H168.03 crore).
(d) adjustment to lease obligations, decrease H284.69 crore (2022-23: increase H1,148.82 crore).
(v) (Gain)/loss on sale of property, plant and equipment includes a non-cash gain of H903.40 crore (2022-23: Nil) on
de-recognition of assets pursuant to a long-term arrangement.

C. Notes forming part of the consolidated financial statements Note 1-54

In terms of our report attached For and on behalf of the Board of Directors
sd/- sd/- sd/- sd/- sd/-
For Price Waterhouse & Co Chartered Accountants LLP N. Chandrasekaran Noel Naval Tata Deepak Kapoor Farida Khambata V. K. Sharma
Firm Registration Number: 304026E/E-300009 Chairman Vice-Chairman Independent Director Independent Director Independent Director
DIN: 00121863 DIN: 00024713 DIN: 00162957 DIN: 06954123 DIN: 02449088

sd/- sd/- sd/- sd/- sd/- sd/-

Subramanian Vivek Bharti Gupta Ramola Shekhar C. Mande T. V. Narendran Koushik Chatterjee Parvatheesam Kanchinadham
Partner Independent Independent Chief Executive Officer Executive Director Company Secretary &
Membership Number 100332 Director Director & Managing Director & Chief Financial Officer Chief Legal Officer
DIN: 00356188 DIN: 10083454 DIN: 03083605 DIN: 00004989 (Corporate & Compliance)
ACS: 15921
Mumbai, May 29, 2024

F151 117th Year Integrated Report & Annual Accounts 2023-24